Portland, OR -- (SBWIRE) -- 09/20/2017 -- According to a new report published by Allied Market Research, titled, Rapeseed Oil Market by Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global rapeseed oil market was valued at $26,524 million in 2016, and is projected to reach $36,560 million by 2023, registering a CAGR of 5.3% from 2017 to 2023. In 2016, the food processing segment accounted for approximately three-fourths share of the global market, in terms of revenue, and approximately five-sevenths share in terms of volume.

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Copra, cottonseed, palm kernel, peanut, soybean, sunflower seed, and rapeseed are major oil seeds used for extraction of vegetable oil. Rapeseed has higher oil content than other oil seeds, and is thus cultivated for the extraction of vegetable oil for household and industrial purposes, and feedstock for bio-fuel production. Rapeseed contains 40% oil, and is usually extracted in by pre-pressing or by solvent extraction. The presence of vitamin E and antioxidants in rapeseed oil reduces scar tissues and repairs damaged hair and skin conditions such as itching, eczema, and acnes, thus finding application in manufacturing of wide varieties of cosmetic and personal care products. Omega 3 and omega 6 fatty acids present in the rapeseed oil help in proper development, functioning and maintenance of brain and other nervous tissues; for vision processes; for the improvement of immune and inflammatory responses; aid in lowering the risk factors for heart disease and to maintain normal blood pressure.

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Europe accounts for more the three-fifths share of the rapeseed oil produced to manufacture bio-diesel. Thus, increase in consumption of rapeseed oil as a feedstock for bio-fuel is expected to drive the market growth. The nutritional and health benefits associated with rapeseed oil have led to its evolution in the U.S., China, and India. However, high prices of rapeseed oil in these countries makes it uncompetitive for biodiesel production. Moreover, uncertainty in climatic conditions resulting in fluctuation of rapeseed prices, lower domestic production, and increase in compaction from other oil seeds, such as soybean and palm kernel, for producing vegetable oil may restraint the market growth.